Gold price attracts some buying for the fourth successive day on Thursday and climbs back above the $1,945 level during the Asian session, closer to a
four-week high touched the previous day. The XAU/USD might now look to build on its recovery from the lowest level since March 13, around the $1,885 region touched last week.
The US Dollar languishes near a two-week low touched in the aftermath of the disappointing macro data from the United States released on Wednesday and turns out to be a key factor acting as a tailwind for the Gold price. In fact, Automatic Data Processing reported that the US private sector employers added 177K jobs in August, much lower than the previous month's downwardly revised reading of 324K and missing expectations for a reading of 195K.
Against the backdrop of a fall in the Conference Board's Consumer Confidence Index from 114.0 to 106.1 in August, the data reaffirms market expectations that the Federal Reserve will pause its rate-hiking cycle in September. This continues to exert some pressure on the US Treasury bond yields, which keeps the USD bulls on the defensive and benefits the non-yielding Gold price.
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